WILMINGTON, N.C. -- A new 6-acre park and concert venue is one step closer to reality in downtown Wilmington.

Monday, city officials unveiled design plans for the new $20 million waterfront park. The park will feature several shade trees, lawn space, and even a kids splash pad. The city has also partnered with the events promoter, Live Nation, to bring 20 events a year to the performance venue. Officials say it will have a big economic impact on the community.

"They're investing capitol dollars into the park. And we will also receive committed revenue from every ticket sold. And we can put that back into city infrastructure and city programs,” said Community Services Director Amy Beatty.

The project is part of the park's bond that was passed in 2016. City officials say they hope to begin construction on the new park later this year.